In a surprise outcome for many in Europe and beyond, British people have voted to leave the European Union.

The macroeconomic implications of this decision are already being felt, not the least by emerging and developing countries. Global stock markets have been hit by around a $2 trillion loss and risk aversion has set in, exposing developing markets to volatility without much liquidity to absorb the shock. Already, countries for whom Britain is a significant market are seeing their currencies weaken or borrowing costs rise.

What are the ramifications of an impending Brexit for developing nations and their economies? How can the UK exit the EU in such a way that does not undermine global economic development? And what opportunities might this hold for deeper cooperation within such existing alliances as the G20 and the Commonwealth?